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TeleCheck® LockBox Payment Service

If your customers make payments by mail or at physical locations, you can have the speed and efficiency of electronic checks through the TeleCheck®

The Challenge

Merchants who accept lockbox payments—paper checks mailed in or brought to a physical location—have traditionally found this process to be a slow and costly way of accepting funds from their customers. Handling the paper checks and getting them to the bank can be a time-consuming process. The lag time associated with these payments may also increase the risk of returned items and related expenses.

The Solution

The TeleCheck® LockBox Payment service is a unique accounts receivable check acceptance solution that gives small and mid-sized merchants a simple and convenient option for processing mail or drop box payments. By converting the check to an electronic transaction and then settling funds via the Automated Clearing House (ACH) network, it streamlines the check handling process, reducing bank fees, trips to the bank, paperwork and deposit preparation time.

The LockBox Payment service is also available with warranty coverage, which reimburses merchants up to the check warranty maximum (if TeleCheck approves a check that is later returned and if warranty requirements are met). Merchants have the added peace of mind that they will be paid for goods and services rendered, and any returned checks are no longer their responsibility.

How It Works

When paper checks are received from consumers, they are scanned by a device, converted to an electronic transaction and processed through the Automated Clearing House (ACH) system. Funds from those transactions go directly into your account, generally within two business days. Returned checks are greatly reduced due to TeleCheck’s extensive databases and risk scoring engines. This direct deposit option makes the TeleCheck Lockbox Payment solution a faster and easier alternative to paper check processing.

Help Your Business

  • Make check handling more convenient and economical
  • Lower net cost for accepting checks as bill payment
  • Reduce paperwork, bank fees and handling expenses
  • Have greater confidence in accepting payment from unfamiliar check writers
  • Accelerate funds availability

Help Your Customers

  • Continue to enjoy the flexibility and convenience of paying by check
  • Maintain a record of payment with bank statement